BAVARIA INDUSTRIES GROUP AG BAVARIA Industries Group AG München
Half-Year Report as of june 30, 2020
Table of contents
Letter from the board of directors | 3. |
Key figures for the Group | 5. |
The Stock | 6. |
Explanations and outlook | 7. |
Events after the reporting date | 7. |
Outlook | 7. |
Consolidated income statement January 01 - June 30, 2020 | 8. |
Consolidated balance-sheets as of June 30, 2020 | 9. |
Notes on the semi-annual report | 11. |
Accounting and valuation methods | 11. |
Scope of consolidation | 11. |
Explanations of individual balance-sheet and income statement items | 11. |
List of shareholders as of June 30, 2020 | 14. |
Financial calendar | 15. |
Imprint | 15. |
- 2 -
Letter from the Board of Directors
Dear shareholders, dear business friends,
in the first half of 2020 the net worth of our operating investments and financial assets fell 12 % to EUR 339 million. The net value per share shrank by 10 % to 71 EUR from 79 EUR per year end while the DAX index fell 7.6%. Until 30.6 this year we spend EUR 5.1 million buying back our own shares. Without own ownership, the number of shares decreased by 87,986 to 4,802,159.
Our investments without the loss-making Azolver generated an operating loss ("EBIT") of EUR 1.5 million in the first half of 2020, following a profit of EUR 2.3 million in the same period of last year. We are therefore reducing the estimated net value of our direct investments to EUR 10 million from EUR 20 million at year end. The market value of our equity investments fell by EUR 35 million to EUR 198 million (EUR 233 million as of December 31, 2019). Unrealised profits (which are not included in the balance sheet) shrank to EUR 29 million from EUR 56 million by year-end 2019.
The loss from sales of securities and dividend income was EUR 0.3 million in the first half of 2020. At 30. June 2019 EUR 87 million of cash was held in the holding company and in non- operating companies. Another EUR 44 million was invested in Xetra Gold with unrealised gains of EUR 10 million.
Our largest equity positions developed as follows in the first half of 2020:
(EUR million) | 31/12/2019 | 06/30/2020 | Purchase | Change with |
Dividends | ||||
Japan | 38.7 | 35.6 | 0.6 | -3.0 |
India | 18.4 | 21.9 | 8.9 | -5.4 |
Berkshire Hathaway | 17.6 | 13.8 | 0.0 | -3.8 |
Brederode SA | 17.5 | 17.7 | 0.3 | 0.2 |
Ryman Healthcare | 16.4 | 13.6 | 0.6 | -3.3 |
Inv . AG TGV | 14.9 | 15.6 | 0.0 | 0.7 |
Summerset Group | -4.0 | |||
Holdings | 13.4 | 9.3 | 0.0 | |
Balance | 136.9 | 127.5 | 10.4 | -18.6 |
DAX | 13,249 | 12,311 |
On balance, we lost EUR 18.6 million. This corresponds to a loss of 13.6% compared to the 7.6% decline in the DAX.
- 3 -
Our total assets developed as follows in the first half of 2020:
Million EUR | 31.12.2019 | 30.06. 2020 |
Financial Assets | 233 | 198 |
Cash / Xetra Gold | 132 | 131 |
Holdings | 20 | 10 |
Total | 385 | 339 |
Per Share in EUR | 79 | 71 |
On June 30th The cash and gold accounted for EUR 131 million or 39% of the total portfolio. The net value per share fell by 10% from EUR 79 to EUR 71.
In the third quarter, we concluded a direct investment with Stobbart Rail with annual sales of EUR 40 million.
We value openness and look forward to your suggestions and suggestions for improvement. We are always grateful for transaction proposals.
Best regards
Reimar Scholz board member
Reimar Scholz
CEO
- 4 -
Group Figures
2019 | 2020 | |||||
1. HJ | 2. HJ | 1. HJ | ||||
Key earnings figure in EUR Mio. | ||||||
Group sales | 79,6 | 65,6 | 56,9 | |||
Consolidated net income | 7,7 | -9,8 | -11,5 | |||
thereof dissolution of negative goodwill and | ||||||
deconsolidation result | 0 | 0 | 0,3 | |||
Balance sheet key figures in EUR Mio. | ||||||
Equity | 320,4 | 312,8 | 295,7 | |||
Total assets | 410,1 | 389,2 | 378,9 | |||
Capital assets | 112,6 | 145,7 | 150,8 | |||
Financial resources | 118,5 | 118,4 | 109,9 | |||
- 5 -
The stock
Number of shares | 5.060.548 |
Type of shares | Individual bearer shares |
Share capital | EUR 5.060.548,00 |
Voting rights | Each share confers one voting right |
WKN | 260555 |
ISIN | DE0002605557 |
Ticker symbol | B8A |
Stock market segment | Basic Board |
Fiscal year | Equivalent to the calender year |
Accounting | as per german commercial code (HGB) |
Designated Sponsor | M. M. Warburg & CO |
Notices | Bundesanzeiger |
Highest price in 2020 (24.01.2020) | EUR 60,50 |
Lowet price in 2020 (18.05.2020) | EUR 47,20 |
closing rate (30.06.2020) | EUR 56,50 |
Market capitalization (30.06.2020) | EUR 271,3 Mio. |
Earnings AG per share | EUR 35,72 (for fiscal year 2019) |
Dividend per share | EUR 0,00 (for fiscal year 2019) |
As of June 30, 2020, BAVARIA Industries Group AG held a total of 258,389 own shares. Since the beginning of the year 87,986 shares with a value of EUR 5,062 thousand were bought back based on the authorization of Annual General Meeting on June 22, 2018.
- 6 -
Group management report
Explanations and outlook
Name | Products | Customers | 1st Half- | Sites | Employees | |
Year | ||||||
Turnover | ||||||
in EUR Mio. | ||||||
CARBODY | Sealing and security | Automobile | 18,9 | 6 | 447 | |
solutions | ||||||
Cobelplast | Packagings | Food | 17,1 | 1 | 96 | |
companies | ||||||
Azolver Group | Franking machines | Various | 18,0 | 8 | 172 | |
Hering | Tube heat exchanger | Industry | 5,3 | 1 | 79 | |
Total | 59,3 | 14 | 794 | |||
continued investments |
Result
The operating companies had an operating loss of 4.3 million in the first half of 2020. This corresponds to a decrease in earnings of EUR 13.9 million compared to last year due to the covid crisis and last year's extraordinary gains.
Investments, depreciation, employee investment
In the first half of 2020 EUR 0.9 million was invested in the operating companies compared to EUR 2.2 million last year, while depreciation was EUR 1.4 million (previous year EUR 3.0 million). The number of employees increased from 769 to 794.
Significant Events after the reporting Date
In the third quarter of 2020 we will have a direct investment in the UK with Stobart Rail with annual sales of EUR 40 million
- 7 -
Outlook
An outlook is currently not possible due to the uncertainties of the evolving Covid crisis. We hope that this crisis creates new buying opportunities
- 8 -
Consolidated Profit and Loss Account 1 January - 30 June 2020
BAVARIA Industries Group AG, München
Consolidated profit and loss account 01.January 2020 - 30.June 2020
(EUR) | 30. Juni 2020 | 30. Juni 2019 | |||||
1. | Sales | 56.929.938,60 | 79.584.679,00 | ||||
2. | Increase or reduction of inventories | -150.970,81 | 158.881,36 | ||||
in finished and non-finished products | 79.743.560,36 | ||||||
56.778.967,79 | |||||||
3. | Other operating income | 1.663.964,76 | 11.537.430,87 |
4. Cost of materials
- Raw materials, supplies and merchandise for resale
-25.476.581,54 | -36.376.088,49 | |||||||||
b) | Purchased services | -3.301.707,12 | -1.959.795,59 | |||||||
5. | Personnel costs | -28.778.288,66 | -38.335.884,08 | |||||||
a) | Wages and salaries | -14.166.161,89 | -17.701.574,92 | |||||||
b) | Social insurance and other charges and benefits, pensions | |||||||||
-4.589.818,20 | -5.252.818,61 | |||||||||
-18.755.980,09 | -22.954.393,53 | |||||||||
6. | Depreciation on intagible assets of the fixed assets | |||||||||
and property, plant and equipment | -2.142.174,56 | -3.274.442,34 | ||||||||
7. | other operating expenses | -16.831.365,96 | -23.953.807,25 | |||||||
8. | Income from other investments | 2.217.707,91 | 8.623.793,61 | |||||||
9. | Other interest and similar income | 174.208,57 | 185.910,18 | |||||||
10. | Interest and similar expenses | -358.337,98 | -629.068,88 | |||||||
11. | Depreciation on financial assets and | |||||||||
on marketable securities | -5.330.454,62 | 0,00 | ||||||||
12. | Taxes on income and earnings | 448.656,79 | -2.678.118,67 | |||||||
13. | Earnings after taxes | -10.913.096,05 | 8.264.980,27 | |||||||
14. | Other taxes | -630.734,71 | -549.753,85 | |||||||
15. | Net income | -11.543.830,76 | 7.715.226,42 | |||||||
16. | Net profit from previous year | 296.116.085,26 | 296.693.331,22 | |||||||
17. | Acquisition of own shares | -5.062.316,45 | -362.053,88 | |||||||
18. | Profit relating to other shareholders | -42.014,25 | -264.933,66 | |||||||
19. | Consolidated profit | 279.467.923,80 | 303.781.570,10 |
- 9 -
Consolidated balance sheet as of June 30, 2020
Assets (EUR) | 30. Juni 2020 | 30. Juni 2019 |
- Fixed assets
I. Iintangible assets
1. Patents, trademarks licenses
and similar rights | 250.167,75 | 490.023,16 | ||
2. | Goodwill | 1.025.753,62 | 1.865.199,49 | |
1.275.921,37 | 2.355.222,65 |
- Property, plant & equipment
1. Land, leasehold rights an buildings
incl. buildings on leased lands | 12.812.599,31 | 13.200.961,94 | ||
2. | Machinery and equipment | 10.266.440,56 | 10.560.061,05 | |
3. | Other equipment, plant and office equipment | 1.443.700,99 | 3.356.031,46 | |
4. | Advance payments and construction -in-progress | 1.768.806,68 | 1.557.967,62 | |
26.291.547,54 | 28.675.022,07 |
- Finacial assets
1. | Shares in affiliated companies | 7,00 | 7,00 | ||||
2. | Investments | 9.491,00 | 9.491,00 | ||||
3. | Investment securities | 120.901.027,85 | 81.428.122,98 | ||||
4. | Other loans | 2.319.967,79 | 157.659,40 | ||||
123.230.493,64 | 81.595.280,38 | ||||||
150.797.962,55 | 112.625.525,10 |
- Current Assets I. Inventories
1. | Raw materials and supplies | 6.093.707,39 | 5.967.326,40 | |
2. | Work in progress | 2.786.624,19 | 2.632.838,24 | |
3. | Finished products and merchandise | 5.809.527,44 | 3.928.001,15 | |
4. | Advance payments | 960.602,41 | 1.536.777,50 | |
15.650.461,43 | 14.064.943,29 |
- Accounts receivable and other assets
1. | Receivables from trade | 12.859.424,36 | 14.050.440,87 | ||||||
2. | Other assets | 10.344.824,41 | 60.471.644,18 | ||||||
III. | Shares | 23.204.248,77 | 88.411.158,57 | 74.522.085,05 | |||||
77.750.133,86 | |||||||||
1. | Other shares | ||||||||
77.750.133,86 | 88.411.158,57 | ||||||||
IV. | Cash and cash equivalents and checks | 109.929.298,85 | 118.463.758,17 | ||||||
226.534.142,91 | 295.461.945,08 | ||||||||
C. Prepaid expenses | 1.552.121,11 | 2.058.680,87 | |||||||
D. Active difference from asset allocation | 0,00 | 0,00 | |||||||
378.884.226,57 | 410.146.151,05 |
- 10 -
Equity and liabilities(EUR) | 30. Juni 2020 | 30. Juni 2019 | ||
A. Equity | ||||
I. | Issued Capital | 4.802.159,00 | 4.926.438,00 | |
1. | Subscribed capital | 5.060.548,00 | 5.060.548,00 | |
2. | Nominal value of treasury stock | -258.389,00 | -134.110,00 | |
II. | Capital reserve | 9.939.452,00 | 9.939.452,00 | |
III. | Revenue reserves | 263.889,00 | 139.610,00 | |
1. | Legal reserves | 5.500,00 | 5.500,00 | |
2. | Reserve restricted in relation to treasury stock | 258.389,00 | 134.110,00 |
3. Andere Gewinnrücklagen
IV. | Consolidated profit | 279.467.923,80 | 303.781.570,10 | ||||
V. | Offsetting item for holdings of other shareholders | 1.926.483,45 | 1.839.742,60 | ||||
VI. | Difference from currency exchane rates | -732.426,33 | -224.291,43 | ||||
295.667.480,92 | 320.402.521,27 | ||||||
B. Special reserve | 0,00 | 0,00 | |||||
C. Difference from Consolidation of capital | 6.848.145,65 | 6.848.145,65 | |||||
D. Accruals | |||||||
1. | Accruals for pensions and similar Commitments | 4.757.485,30 | 5.120.596,81 | ||||
2. | Tax reserve | 3.087.656,21 | 1.889.407,67 | ||||
3. | Other accurals | 12.718.749,29 | 18.484.382,16 | 25.494.386,64 | |||
E. Liabilities | 20.563.890,80 | ||||||
1. | Liabilities to banks | 18.187.101,66 | 5.264.714,08 | ||||
2. | Advance payments received on orders | 1.327.837,94 | 2.642.930,94 | ||||
3. | Liabilities from goods and services | 12.423.745,64 | 22.124.848,71 | ||||
4. | Other liabilities | 20.778.463,92 | 22.471.030,88 | 52.503.524,61 | |||
52.717.149,16 | |||||||
F. Deferred income | 2.520.803,63 | 4.207.025,98 | |||||
G. Deferred taxes | 566.756,41 | 690.546,90 |
378.884.226,57 | 410.146.151,05 |
- 11 -
Notes on the Half-Year Report
Balance Sheet Accounting and Valuation Methods
This half-year report was prepared in accordance with the applicable provisions of the Handelsgesetzbuch (HGB, German Commercial Code) and has not been audited. An interim report, its accounting principles or methods are the same as those used in the Consolidated Group Annual Report for the fiscal year 2016.
Scope of Consolidation
This half-year report reflects all significant subsidiaries under the control of BAVARIA Industries Group AG. Eight companies were not included in the scope of consolidation as their inclusion was not mandatory according to the Handelsgesetzbuch (HGB German Commercial Code). Deller GmbH was deconsolidated in the first half of 2020 due to the loss of control.
Notes to Individual Balance Sheet Items
Goodwill from consolidation of capital
Development as of 30 June 2020 in EUR thousands:
Book Value | Final | Book Value | ||
31.12.2019 | Addition | Amortization | Consolidation | 30.06.2020 |
1.335 | 0 | 309 | 0 | 1.026 |
Development as of 30 June 2019 in EUR thousands:
Book Value | Final | Book Value | ||
31.12.2018 | Addition | Amortization | Consolidation | 30.06.2019 |
0 | 1.670 | 0 | 0 | 1.670 |
Subscribed capital
On 30 June 2020 subscribed capital amounted to TEUR 5,061. The calculated nominal value of shares in circulation amounted to EUR 1.00 per share. In line with the provisions of the Bilanzrechtsmodernisierungsgesetz (BilMoG, German Accounting Law Modernization Act),
- 12 -
the calculated nominal value of own shares acquired up to the key reporting date was deducted from subscribed capital and the reserve formed in previous years for own shares was offset against retained earnings.
Net profit carried forward from previous year
By the resolution of the Annual General Meeting on September 18th 2020 the entire balance sheet profit from 2019 will be carried forward.
Difference from consolidation of capital (acquisition profits)
Development as of June 30, 2020 in EUR thousands:
Book Value | Non-effective | Book Value | |||
31.12.2019 | Addition | Disposals | Deconsolidation | adaption | 30.06.2020 |
6.848 | 0 | 0 | 0 | 0 | 6.848 |
Development as of June 30, 2019 in EUR thousands: | Non-effective | ||||
Book Value | Book Value | ||||
31.12.2018 | Addition | Disposals | Deconsolidation | adaption | 30.06.2019 |
6.848 | 0 | 0 | 0 | 0 | 6.848 |
Other operating income
Earnings from the disposal of financial assets Exchange rate gains
Deconsolidation proceeds
Dissolution of provisions and value adjustments Book profits from asset disposals Remaining other operating income
30.06.202030.06.2019
TEUR | |
TEUR | |
363 | |
821 | |
680 | |
277 | |
0 | |
261 | |
381 | |
151 | |
9.017 | |
0 | |
1.096 | |
154 | |
11.537 | |
1.664 |
The remaining other operating income is primarily income in connection with the investment
- 13 -
Other operational expenses | 30.06.2020 | 30.06.2019 | |||||
TEUR | TEUR | ||||||
Expenses from disposal of financial assets | 3.480 | 0 | |||||
IT costs (consulting, Maintenance) | 1.584 | 791 | |||||
External | services, | Insurances, | other | 1.575 | 1.612 | ||
Contributions | |||||||
Packaging and freight | 1.530 | 2.909 | |||||
other personal costs, | including temporary | 1.273 | 2.448 | ||||
workers | |||||||
Exchange rate losses | 994 | 136 | |||||
Infeed of PBW an bad debts | 765 | 0 | |||||
Room rental | 730 | 526 | |||||
Leasing and other rent | 722 | 333 | |||||
Repairs and maintenance | 514 | 1.873 | |||||
Administrative expenses | 340 | 120 | |||||
Travel expenses | 189 | 388 | |||||
advertising | 96 | 114 | |||||
commissions | 82 | 268 | |||||
Expenses for impending losses | 0 | 8.023 | |||||
Remaining other operating losses | 2.957 | 4.413 | |||||
16.831 | 23.954 |
The remaining other operating expenses include expenses in the connection with the investment and legal advice.
- 14 -
List of shareholdings as of June 30, 2020
Share of equity | ||||||
Group parent company | Currency | in % | ||||
direct | indirect | |||||
BAVARIA Industries Group AG (former BAVARIA Industriekapital AG), München | ||||||
Schedule of shareholdings | ||||||
BAVARIA Industriekapital AG (ehemals BAVARIA Industriekapital II AG), München | EUR | 100,00 | ||||
HERING Wärmetauscher Holding AG, München | EUR | 75,00 | ||||
Hering AG, Gunzenhausen | EUR | 71,06 | ||||
BAVARIA Maschinenbau Holding II AG, München | EUR | 97,50 | ||||
Verwaltungsgesellschaft 0906 mbH, München | EUR | 100,00 | ||||
Blitz 05-316 GmbH & Co. KG, München | EUR | 100,00 | ||||
Bavariaring 0906 GmbH, München | EUR | 100,00 | ||||
baikap Holding 010607 GmbH, München | EUR | 100,00 | ||||
baikap Holding 020607 GmbH, Gräfelfing | EUR | 100,00 | ||||
EMS Holding Bavaria GmbH, Gräfelfing | EUR | 100,00 | ||||
Bavaria France Holding S.A.S. | ||||||
(ehemals Fonderies Aluminium de France S.A.S.), Neuilly-sur-Seine, Frankreich | EUR | 100,00 | ||||
Fonderie d'Ingrandes S.A.S. | ||||||
(ehemals Fonderie du Poitou Aluminium S.A.S.), Neuilly-sur-Seine, Frankreich | EUR | 100,00 | ||||
Baikap Trust Holding GmbH & Co.KG (ehemals K+S Holding GmbH & Co. KG), München | EUR | 94,80 | ||||
Die-Cast Holding Bavaria GmbH, München | EUR | 100,00 | ||||
baikap Holding 061108 GmbH, München | EUR | 100,00 | ||||
baikap Holding 070309 GmbH, München | EUR | 100,00 | ||||
baikap Holding 090709 GmbH, München | EUR | 100,00 | ||||
Deller Liegenschaft GmbH (ehemals BAVARIA Purchasing Group GmbH), München | EUR | 100,00 | ||||
Inasa Foil Sabiñánigo S.L. | ||||||
(ehemals Laminados Sabiñánigo S.L.), Sabiñánigo, Huesca, Spanien | (1) EUR | 100,00 | ||||
INASA Foil S.A., Irurtzun bei Pamplona, Spanien | (1) EUR | 100,00 | ||||
baikap Holding 110510 GmbH, München | EUR | 100,00 | ||||
baikap Holding 120510 GmbH, München | EUR | 100,00 | ||||
baikap Holding 130810 GmbH, München | EUR | 100,00 | ||||
baikap Holding 150911 GmbH, München | EUR | 100,00 | ||||
baikap Holding 160911 GmbH, München | EUR | 100,00 | ||||
Bavaria Luminaires Holding S.A.S., Nanterre, Frankreich | EUR | 100,00 | ||||
CARBODY S.A.S., Witry-les-Reims, Frankreich | EUR | 100,00 | ||||
CARBODY Czech Republic s.r.o., Mlada Boleslav, Tschechische Republik | CZK | 100,00 | ||||
CARBODY Otomotiv Izolasyon Sistemleri Ticaret Limited Sirketi, Istanbul, Türkei | TRY | 100,00 | ||||
Carbody Deutschland GmbH, München | EUR | 100,00 | ||||
Carbody Automotive System Co. Ltd., Suzhou, China | CNY | 100,00 | ||||
Carbody Automotive Maroc, Tanger, Marokko | MAD | 100,00 | ||||
baikap Saphire GmbH, München (ehemals ASTERION Germany GmbH) | EUR | 100,00 | ||||
baikap Holding 190913 GmbH, München | EUR | 100,00 | ||||
baikap Holding 200913 GmbH, München | EUR | 100,00 | ||||
baikap Holding 210814 GmbH, München | EUR | 100,00 | ||||
Deller GmbH (ehemals baikap Holding 220814 GmbH), München | (1) EUR | 100,00 | ||||
Cobelplast N.V., Lokeren, Belgien | EUR | 100,00 | ||||
Bavaria Arti Grafiche Italiane Holding S.p.A., Bergamo, Italien | (1) EUR | 100,00 | ||||
Arti Grafiche Johnson S.p.A., Seriate (Bg), Italien | (1) EUR | 100,00 | ||||
Arti Kalendar & Promotion Services GmbH, Gütersloh | (1) EUR | 100,00 | ||||
Zanica 92 s.r.l. (ehemals TAVECCHI S.r.l.), Seriate (Bg), Italien | (1) EUR | 100,00 | ||||
Calendars & Diaries International B.V., Breda, Niederlande | (1) EUR | 100,00 | ||||
Deroma S.r.l.,Mailand, Italien | EUR | 100,00 | ||||
Bavaria Real Estate Ciriè Holding S.r.l., Ciriè, Italien | EUR | 100,00 | ||||
Azolver Soumi OY, Helsinki, Finnland | EUR | 100,00 | ||||
Azolver Sverige AB, Sollentuba, Schweden | SEK | 100,00 | ||||
Azolver Denmark APS, Harlev, Dänemark | DKK | 100,00 | ||||
Azolver Norge A/S, Oslo, Norwegen | NOK | 100,00 | ||||
Azolver Italia srl, Agrate Brianza, Italien | EUR | 100,00 | ||||
Azolver Switzerland AG, Winterthur, Schweiz | CHF | 100,00 | ||||
Azolver Eesti OÜ, Tallinn, Estland | EUR | 100,00 | ||||
Azolver Belgium BV, Brüssel, Belgien | EUR | 100,00 |
(1) Not consolidated pursuant to &296 of the German Commercial Code (HGB)
- 15 -
Financial calendar
April 30,2021
Publication of the individual and consolidated financial statements as of December 31, 2020.
Imprint
Editor
BAVARIA Industries Group AG
Bavariaring 24
80336 München
Telefon: +49 (0)89 - 72 98 967 - 0
Fax: | +49 (0)89 - 72 98 967 - 10 |
E-Mail: info@baikap.de
Website: www.baikap.de
Editorial staff
Christoph Schumacher
- 16 -
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BAVARIA Industries Group AG published this content on 23 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2020 14:24:02 UTC
